Tuesday, July 7, 2009
Thursday, July 2, 2009
Wednesday, July 1, 2009
MICS & AUDITING
IMPORTANT AREAS IN MICS FOR NOV 2009 EXAM
Lesson 1
1. Characteristics of information
2. decomposition/subsystem principles
Lesson 2
1. Components of TPS
2. Direct Processing
Lesson 3
1. Features of a computer based MIS
2. Programmed & Non programmed decisions
3. Pre-requisites of MIS
4. Limitations of MIS
Lesson 4
1. MRP
2. Model and its advantages
3. systems approach to problem solving
Lesson 5
1. Characteristics of Information used by executives
2. DSS software tools
3. DSS examples
Lesson 6
1. Traditional computing models
2. Client/Server model
3. Server centric model
4. Characteristics of C/S
Lesson 7
1. Systems development approaches
2. data dictionary
3. Fact finding techniques
4. Costs/Benefits of CBIS
Lesson 8
1. Designing systems output
2. systems manual
3. Data communications design
4. printed output/visual display output
Lesson 9
1. Bench marking problem testing
2. program design tools
3. advantages of pre-written software
4. PDLC
Lesson 10
1. Personal training
2. Conversion activities
3. systems evaluation
Lesson 12
1. Evaluation of ERP
2. Business engineering
3. characteristics of ERP
4. ERP benefits
Lesson 13
1. OS-Security components
2. SPLMS
3. Firewalls
4. DBMS controls
Lesson 14
1. Field level interrogation
2. source document controls
3. error handling techniques
Lesson 15
1. Making fraud difficult to perpetrate
2. Disk imaging and analysis technique
3. Frauds at input
Lesson 16
1. Powers of controller
2. duties of certifying authorities
3. Powers of central government
Lesson 17
1. Concurrent audit techniques
2. Audit framework program development and acquisition
3. Program analysis
4. IS audit objectives
Lesson 18
1. Core principles of information security
2. example of information security policy statement
3. types of information protection
Lesson 19
1. Programming work bench
2. levels of integration
3. Meta –CAS
IMPORTANT AREAS IN AUDITING FOR NOV 2009 EXAM
Chapter – 4 : Company auditor
1)Functions of an auditor under companies act 1956 -page 4.19
2)Exemption of branches from audit requirements in certain situation – page 4.27
3)Gist of important circulars – one reading – page 4.34
Chapter –5 : Company audit
1)Types of registers – page 5.7
2)Personal exp of directors – page 5.9
3)Sec 205 – page 5.21
4)Transfer to reserves exceeding 10% - page 5.25
5)Definition of capital reserve, capital receipts – page 5.316)Interim dividend – page 5.37
7)Non provision of proposed dividend, non provision of tax in the accounts–page 5.41
Chapter –6 : Audit report
1)Director’s comments on qualifications – page 6.23
2)Short notes on loan outstanding, turnover
3)Important points in comments of matters to be included in reportParagraph Comments4(i)(a) 2,34(i)(b) 34(i)(c) 3,44(ii)(a) 34(ii)(b) 24(ii)(c) 24(iii)(a) 14(iii)(b) 24(iii)(c) 24(iii)(d) 1,24(iv) 3,4,54(v)(a) all4(v)(b) 2 4(vi) 2,3,4,54(vii) 2,34(viii) 34(ix)(a) 3,4,54(ix)(b) 1,24(x) 2,3,44(xii) 54(xiii) all4(xiv) 2,54(xv) 1,2,54(xvi) 2,34(xvii) 14(xviii) all4(xix) 24(xx) 24(xxi) 1,2,6
Chapter – 7 : EDP Audit
1) Short notes : batch processing , real time processing – page 7.3
2) Specific problems of EDP relating to internal control – page 7.5
3) Internal control in a computer based system – page 7.14
4) Service Bureau – page 7.26
Chapter – 8 : Investigations
1) Difference between auditing & investingation – page 8.2
2) Special issues in investigations – page 8.6
3) Types of investigations – non statutory – page 8.15
4) Financial due diligence – page 8.36
5) Contents of a due diligence report – page 8.42
Chapter – 10 : Audit of PSUPropriety audit – page 10.7
Chapter – 11 : Audit of Banks
1) Bills for collections, Bills purchased, Loans & advances, credit card operation – page 11.20
2) Money at call & short notice – page 11.23
3) Investments – page 11.25
4) Threats in recovery, erosion in the value of security – page 11.39
5) CDR – page 11.41
6) Third party guarantees – page 11.60
7) Contingent liabilities – page 11.71
8) Concurrent audit – page 11.77
Chapter – 12 : Audit of General Insurance
1) Legal framework – page 12.1
2) Part I & IV of IRDA Regulation 2002 – page 12.7
3) Auditors report – page 12.18
4) Audit procedures – page 12.21
5) Verification of claims, commission, operating exp – page12.26,12.28,12.29
6) Investments – page 12.30
7) Unexpired risk reserves & reinsurance – page 12.37
8) Co insurance , solvency margin – page 12.44
Chapter – 13 : Tax AuditTax audit u/s 44AB – page 13.4
Form 3CD – page 13.16
Chapter – 14 : Stock Exchange
1) Margins – page 14.5
2) Rolling settlement – page 14.12
3) Circuit filters & circuit breakers – page 14.14
4) Contract notes – page 14.19
Chapter – 15 : Special Aspects
1) Audit of NBFC – page 1 to 11
2) Audit of co-operatives societies – page 15.18
3) Audit of mutual fund
4) Short notes on board of directors, independent directors, audit committee – page 15.47,
Peer review – page 15.60
Chapter – 17 : Professional EthicsOther misconduct, maintenance of branch offices
Part I of First Schedule – Clause 2,4,6,7,11
Part III of First Schedule – Clause 2Part I of Second Schedule – Clause 1,4,8
Chapter – 18 : Management & operational auditDesirability of management audit – page 18.5Behavioural aspects of mgt audit – page 18.15Audit objectives – page 18.27
Lesson 1
1. Characteristics of information
2. decomposition/subsystem principles
Lesson 2
1. Components of TPS
2. Direct Processing
Lesson 3
1. Features of a computer based MIS
2. Programmed & Non programmed decisions
3. Pre-requisites of MIS
4. Limitations of MIS
Lesson 4
1. MRP
2. Model and its advantages
3. systems approach to problem solving
Lesson 5
1. Characteristics of Information used by executives
2. DSS software tools
3. DSS examples
Lesson 6
1. Traditional computing models
2. Client/Server model
3. Server centric model
4. Characteristics of C/S
Lesson 7
1. Systems development approaches
2. data dictionary
3. Fact finding techniques
4. Costs/Benefits of CBIS
Lesson 8
1. Designing systems output
2. systems manual
3. Data communications design
4. printed output/visual display output
Lesson 9
1. Bench marking problem testing
2. program design tools
3. advantages of pre-written software
4. PDLC
Lesson 10
1. Personal training
2. Conversion activities
3. systems evaluation
Lesson 12
1. Evaluation of ERP
2. Business engineering
3. characteristics of ERP
4. ERP benefits
Lesson 13
1. OS-Security components
2. SPLMS
3. Firewalls
4. DBMS controls
Lesson 14
1. Field level interrogation
2. source document controls
3. error handling techniques
Lesson 15
1. Making fraud difficult to perpetrate
2. Disk imaging and analysis technique
3. Frauds at input
Lesson 16
1. Powers of controller
2. duties of certifying authorities
3. Powers of central government
Lesson 17
1. Concurrent audit techniques
2. Audit framework program development and acquisition
3. Program analysis
4. IS audit objectives
Lesson 18
1. Core principles of information security
2. example of information security policy statement
3. types of information protection
Lesson 19
1. Programming work bench
2. levels of integration
3. Meta –CAS
IMPORTANT AREAS IN AUDITING FOR NOV 2009 EXAM
Chapter – 4 : Company auditor
1)Functions of an auditor under companies act 1956 -page 4.19
2)Exemption of branches from audit requirements in certain situation – page 4.27
3)Gist of important circulars – one reading – page 4.34
Chapter –5 : Company audit
1)Types of registers – page 5.7
2)Personal exp of directors – page 5.9
3)Sec 205 – page 5.21
4)Transfer to reserves exceeding 10% - page 5.25
5)Definition of capital reserve, capital receipts – page 5.316)Interim dividend – page 5.37
7)Non provision of proposed dividend, non provision of tax in the accounts–page 5.41
Chapter –6 : Audit report
1)Director’s comments on qualifications – page 6.23
2)Short notes on loan outstanding, turnover
3)Important points in comments of matters to be included in reportParagraph Comments4(i)(a) 2,34(i)(b) 34(i)(c) 3,44(ii)(a) 34(ii)(b) 24(ii)(c) 24(iii)(a) 14(iii)(b) 24(iii)(c) 24(iii)(d) 1,24(iv) 3,4,54(v)(a) all4(v)(b) 2 4(vi) 2,3,4,54(vii) 2,34(viii) 34(ix)(a) 3,4,54(ix)(b) 1,24(x) 2,3,44(xii) 54(xiii) all4(xiv) 2,54(xv) 1,2,54(xvi) 2,34(xvii) 14(xviii) all4(xix) 24(xx) 24(xxi) 1,2,6
Chapter – 7 : EDP Audit
1) Short notes : batch processing , real time processing – page 7.3
2) Specific problems of EDP relating to internal control – page 7.5
3) Internal control in a computer based system – page 7.14
4) Service Bureau – page 7.26
Chapter – 8 : Investigations
1) Difference between auditing & investingation – page 8.2
2) Special issues in investigations – page 8.6
3) Types of investigations – non statutory – page 8.15
4) Financial due diligence – page 8.36
5) Contents of a due diligence report – page 8.42
Chapter – 10 : Audit of PSUPropriety audit – page 10.7
Chapter – 11 : Audit of Banks
1) Bills for collections, Bills purchased, Loans & advances, credit card operation – page 11.20
2) Money at call & short notice – page 11.23
3) Investments – page 11.25
4) Threats in recovery, erosion in the value of security – page 11.39
5) CDR – page 11.41
6) Third party guarantees – page 11.60
7) Contingent liabilities – page 11.71
8) Concurrent audit – page 11.77
Chapter – 12 : Audit of General Insurance
1) Legal framework – page 12.1
2) Part I & IV of IRDA Regulation 2002 – page 12.7
3) Auditors report – page 12.18
4) Audit procedures – page 12.21
5) Verification of claims, commission, operating exp – page12.26,12.28,12.29
6) Investments – page 12.30
7) Unexpired risk reserves & reinsurance – page 12.37
8) Co insurance , solvency margin – page 12.44
Chapter – 13 : Tax AuditTax audit u/s 44AB – page 13.4
Form 3CD – page 13.16
Chapter – 14 : Stock Exchange
1) Margins – page 14.5
2) Rolling settlement – page 14.12
3) Circuit filters & circuit breakers – page 14.14
4) Contract notes – page 14.19
Chapter – 15 : Special Aspects
1) Audit of NBFC – page 1 to 11
2) Audit of co-operatives societies – page 15.18
3) Audit of mutual fund
4) Short notes on board of directors, independent directors, audit committee – page 15.47,
Peer review – page 15.60
Chapter – 17 : Professional EthicsOther misconduct, maintenance of branch offices
Part I of First Schedule – Clause 2,4,6,7,11
Part III of First Schedule – Clause 2Part I of Second Schedule – Clause 1,4,8
Chapter – 18 : Management & operational auditDesirability of management audit – page 18.5Behavioural aspects of mgt audit – page 18.15Audit objectives – page 18.27
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